Question 1

If a production function has the property called ----------,then doubling all inputs causes the amount of output to double as well.

Accepted Answer

The answer of If a production function has the property...

Question 2

What do we mean when we say that some technological knowledge is not proprietary?

Accepted Answer

The answer of What do we mean when we say...

Question 3

Explain the distinction between technological knowledge and human capital.

Accepted Answer

The answer of Explain the distinction between technological knowledge and...

Question 4

Figure 25-1 
-Refer to Figure 25-1."When the amount of capital per worker increases by one unit,a poor country experiences a greater benefit than does a rich country." Does the figure illustrate this notion? Briefly explain.

Accepted Answer

The answer of Figure 25-1 
-Refer to Figure 25-1."When the...

Question 5

In the production function Y=AF(L,K,H,N) ,Y represents the quantity of output;L represents the quantity of labor;K represents the quantity of physical capital;and N represents the quantity of natural resources.What does H represent?

Accepted Answer

The answer of In the production function Y=AF(L,K,H,N) ,Y represents...

Question 6

Figure 25-1 
-Refer to Figure 25-1.Does the figure represent the idea that the amount of capital per worker influences the amount of output per worker,or does the figure represent the idea that the amount of output per worker influences the amount of capital per worker?

Accepted Answer

The answer of Figure 25-1 
-Refer to Figure 25-1.Does the...

Question 7

Because of __________, an increase in the saving rate leads to higher growth of income and productivity only for a while.

Accepted Answer

The answer of Because of __________, an increase in the...

Question 8

What are the long-run effects on productivity and income of an increase in the saving rate?

Accepted Answer

The answer of What are the long-run effects on productivity...

Question 9

In recent decades,economic growth has been much more rapid in South Korea than in the United States.What is the likely explanation for this fact?

Accepted Answer

The answer of In recent decades,economic growth has been much...

Question 10

Consider the production function $ Y=4 F(L, K, H, N) $. Suppose $ F(10,8,6,5)=100 $ and $ F(30,24,18,15)=300 $.Does the production function have the property of constant returns to scale? Why or why not?

Accepted Answer

The answer of Consider the production function \( Y=4 F(L,...

Question 11

"Market prices give no reason to believe that natural resources are a limit to economic growth." Explain this statement.

Accepted Answer

The answer of "Market prices give no reason to believe...

Question 12

In the production function Y=AF(L,K,H,N),Y represents the quantity of output;L represents the quantity of labor;K represents the quantity of physical capital;and H represents the quantity of human capital.What does N represent?

Accepted Answer

The answer of In the production function Y=AF(L,K,H,N),Y represents the...

Question 13

Figure 25-1 
-Refer to Figure 25-1.In order for the figure to make sense,do we have to assume that capital is the only determinant of output? Briefly explain.

Accepted Answer

The answer of Figure 25-1 
-Refer to Figure 25-1.In order...

Question 14

How does the phenomenon of diminishing returns to capital explain the catch-up effect?

Accepted Answer

The answer of How does the phenomenon of diminishing returns...

Question 15

What is the distinction between foreign direct investment and foreign portfolio investment?

Accepted Answer

The answer of What is the distinction between foreign direct...

Question 16

What is the relationship between education and human capital?

Accepted Answer

The answer of What is the relationship between education and...

Question 17

In what sense is capital accumulation costly to a society?

Accepted Answer

The answer of In what sense is capital accumulation costly...

Question 18

Figure 25-1 
-Refer to Figure 25-1.In what way is the figure relevant to the catch-up effect?

Accepted Answer

The answer of Figure 25-1 
-Refer to Figure 25-1.In what...

Question 19

Consider the production function $ Y=2 F(L, K, H, N) $. Suppose $ F(12,10,9,7)=100 $ and $ F(24,20,18,14)=180 $ . Does the production function have the property of constant returns to scale? Why or why not?

Accepted Answer

The answer of Consider the production function \( Y=2 F(L,...

Question 20

The people of Country X save 10 percent of their income,and the people of Country Y save 25 percent of their income.If these respective saving rates persist forever,will one country or the other enjoy a higher rate of income growth forever? Explain.

Accepted Answer

The answer of The people of Country X save 10...

Quiz 12: Production and Growth: Part A

If a production function has the property called ----------,then doubling all inputs causes the amount of output to double as well.

What do we mean when we say that some technological knowledge is not proprietary?

Explain the distinction between technological knowledge and human capital.

Figure 25-1 -Refer to Figure 25-1."When the amount of capital per worker increases by one unit,a poor country experiences a greater benefit than does a rich country." Does the figure illustrate this notion? Briefly explain.

In the production function Y=AF(L,K,H,N) ,Y represents the quantity of output;L represents the quantity of labor;K represents the quantity of physical capital;and N represents the quantity of natural resources.What does H represent?

Figure 25-1 -Refer to Figure 25-1.Does the figure represent the idea that the amount of capital per worker influences the amount of output per worker,or does the figure represent the idea that the amount of output per worker influences the amount of capital per worker?

Because of __________, an increase in the saving rate leads to higher growth of income and productivity only for a while.

What are the long-run effects on productivity and income of an increase in the saving rate?

In recent decades,economic growth has been much more rapid in South Korea than in the United States.What is the likely explanation for this fact?

Consider the production function $Y=4 F(L, K, H, N)$ . Suppose $F(10,8,6,5)=100$ and $F(30,24,18,15)=300$ .Does the production function have the property of constant returns to scale? Why or why not?

"Market prices give no reason to believe that natural resources are a limit to economic growth." Explain this statement.

In the production function Y=AF(L,K,H,N),Y represents the quantity of output;L represents the quantity of labor;K represents the quantity of physical capital;and H represents the quantity of human capital.What does N represent?

Figure 25-1 -Refer to Figure 25-1.In order for the figure to make sense,do we have to assume that capital is the only determinant of output? Briefly explain.

How does the phenomenon of diminishing returns to capital explain the catch-up effect?

What is the distinction between foreign direct investment and foreign portfolio investment?

What is the relationship between education and human capital?

In what sense is capital accumulation costly to a society?

Figure 25-1 -Refer to Figure 25-1.In what way is the figure relevant to the catch-up effect?

Consider the production function $Y=2 F(L, K, H, N)$ . Suppose $F(12,10,9,7)=100$ and $F(24,20,18,14)=180$ . Does the production function have the property of constant returns to scale? Why or why not?

The people of Country X save 10 percent of their income,and the people of Country Y save 25 percent of their income.If these respective saving rates persist forever,will one country or the other enjoy a higher rate of income growth forever? Explain.

Quiz 12: Production and Growth: Part A

If a production function has the property called ----------,then doubling all inputs causes the amount of output to double as well.

What do we mean when we say that some technological knowledge is not proprietary?

Explain the distinction between technological knowledge and human capital.

Figure 25-1 -Refer to Figure 25-1."When the amount of capital per worker increases by one unit,a poor country experiences a greater benefit than does a rich country." Does the figure illustrate this notion? Briefly explain.

In the production function Y=AF(L,K,H,N) ,Y represents the quantity of output;L represents the quantity of labor;K represents the quantity of physical capital;and N represents the quantity of natural resources.What does H represent?

Figure 25-1 -Refer to Figure 25-1.Does the figure represent the idea that the amount of capital per worker influences the amount of output per worker,or does the figure represent the idea that the amount of output per worker influences the amount of capital per worker?

Because of __________, an increase in the saving rate leads to higher growth of income and productivity only for a while.

What are the long-run effects on productivity and income of an increase in the saving rate?

In recent decades,economic growth has been much more rapid in South Korea than in the United States.What is the likely explanation for this fact?

Consider the production function Y=4F(L,K,H,N) Y=4 F(L, K, H, N) Y=4F(L,K,H,N) . Suppose F(10,8,6,5)=100 F(10,8,6,5)=100 F(10,8,6,5)=100 and F(30,24,18,15)=300 F(30,24,18,15)=300 F(30,24,18,15)=300 .Does the production function have the property of constant returns to scale? Why or why not?

"Market prices give no reason to believe that natural resources are a limit to economic growth." Explain this statement.

In the production function Y=AF(L,K,H,N),Y represents the quantity of output;L represents the quantity of labor;K represents the quantity of physical capital;and H represents the quantity of human capital.What does N represent?

Figure 25-1 -Refer to Figure 25-1.In order for the figure to make sense,do we have to assume that capital is the only determinant of output? Briefly explain.

How does the phenomenon of diminishing returns to capital explain the catch-up effect?

What is the distinction between foreign direct investment and foreign portfolio investment?

What is the relationship between education and human capital?

In what sense is capital accumulation costly to a society?

Figure 25-1 -Refer to Figure 25-1.In what way is the figure relevant to the catch-up effect?

Consider the production function Y=2F(L,K,H,N) Y=2 F(L, K, H, N) Y=2F(L,K,H,N) . Suppose F(12,10,9,7)=100 F(12,10,9,7)=100 F(12,10,9,7)=100 and F(24,20,18,14)=180 F(24,20,18,14)=180 F(24,20,18,14)=180 . Does the production function have the property of constant returns to scale? Why or why not?

The people of Country X save 10 percent of their income,and the people of Country Y save 25 percent of their income.If these respective saving rates persist forever,will one country or the other enjoy a higher rate of income growth forever? Explain.

Consider the production function $Y=4 F(L, K, H, N)$ . Suppose $F(10,8,6,5)=100$ and $F(30,24,18,15)=300$ .Does the production function have the property of constant returns to scale? Why or why not?

Consider the production function $Y=2 F(L, K, H, N)$ . Suppose $F(12,10,9,7)=100$ and $F(24,20,18,14)=180$ . Does the production function have the property of constant returns to scale? Why or why not?